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Towards Sustainable Development: Real Convergence And Growth In Romania

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  • RUGEA Felicia Elisabeta

    (West University of Timișoara)

Abstract

The complexity of the current global economy requires a holistic approach regarding the subject of economic growth and sustainable development. This approach is necessary since it is well known that countries have different degrees of economic development. Fulfilling the criteria of nominal and real convergence for any EU country is the first step towards achieving a common goal, sustainable development. Therefore this paper is based on the idea that a country can achieve a sustainable development by meeting real and nominal convergence criteria for an extended period of time. The convergence criterion is explored through a series of indicators. The present study investigates these indicators in the case of Romania, such as: GDP per capita, labour productivity, investment and interest rates and public debt. The analysis shows that although there is an economic growing trend, given especially by EU membership, since 2007, the problems are much deeper and are related to social inequality and regional disparities in development. As a solution this paper identifies several monetary and fiscal measures to improve these indicators and eventually to achieve a sustainable development.

Suggested Citation

  • RUGEA Felicia Elisabeta, 2017. "Towards Sustainable Development: Real Convergence And Growth In Romania," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 69(4), pages 137-147, November.
    • Handle: RePEc:blg:reveco:v:69:y:2017:i:4:p:137-147
    as

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    File URL: http://economice.ulbsibiu.ro/revista.economica/archive/69413rugea.pdf
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    References listed on IDEAS

    as
    1. Antonio M. Conti & Stefano Neri & Andrea Nobili, 2015. "Why is inflation so low in the euro area?," Temi di discussione (Economic working papers) 1019, Bank of Italy, Economic Research and International Relations Area.
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    More about this item

    Keywords

    real convergence; sustainable development; determinants of growth; fiscal policies; monetary policies;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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